Base metal prices retreat in LME officials as ECB optimism proves short-lived

Dec 21, 2011 | 09:11 AM |

Base metal prices fell below their opening levels in official trading on the London Metal Exchange on Wednesday, reversing earlier gains, after the European Central Bank concluded its first ever tender of three-year loans.  Three-month copper settled at $7,425/27 per tonne, up more than $100 from its previous official price but below its opening level of $7,438 per tonne. The red metal had rallied to a high of $7,573 per tonne earlier in the day as the market awaited the results of the ECB tender. The central bank issued €489 billion ($626 billion) in three-year, 1% fixed-rate....

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